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I'm not in my late-20s just yet, but I am a millennial. If you choose to stop reading now that I've used that word—good. I don't need yet another person on the internet telling me that I'm somehow entitled and looking for handouts because of the year I was born—1991 represent!! Ya'll can get bent, please and thank you.
I don't think millennials are looking for handouts. I think they simply wanted to star their adult lives without drowning in hundreds of thousands of dollars in student loan debt. Not sure if this goes without saying, but it's CRIPPLING. Not crippling because I can't buy tickets to Coachella, but crippling because who wants to live with their parents until they're 30?! Please, tell me. Being a bum and being in your late 20s nowadays are NOT synonymous. We're victims of circumstance.
My rant is now over. I'll get to the actual information. Apparently, there ARE actual financial goals millennials should be focusing on. I capitalized ARE for emphasis, obviously. To be honest, nobody taught us this sh*t during school (you know, the buildings we sat in for 12-years to be educated).
The New York Post highlighted some pointers that seem doable, which is more than I can say for most things saving-money-oriented—
"Millennials are at the greatest advantage for retirement saving — they have time on their side, experts say, and their money earns compound interest, which is interest earned on the money they put in as well as the interest that money earns...any contribution counts — even just a few dollars. One mobile investing platform, New York-based robo adviser Stash, suggests investors start with just $5 a month as they become familiar with investing."
"When you’re in your 20s, it makes sense to weigh short-term goals more heavily than retirement, said Douglas Boneparth, a financial adviser and president of advisory firm Bone Fide Wealth in New York. That’s not to say you shouldn’t be saving for retirement — you should be putting in at least enough money to meet a company match, since that’s essentially free money, and then prioritize short-term goals, he said."
"What anyone in their 20s can do, however, is find consistency in their money habits, such as saving for the future, allocating income toward big life goals as well as emergency situations and paying down debts. Millennials seem to be pretty good about saving, for emergencies and retirement, but still about a third of consumers say they might not be able to afford an unexpected $2,000 emergency. One way to save for both retirement or an emergency is by investing in a Roth individual retirement account, where money can be withdrawn penalty-free if it’s just the principal and not the interest earned on the assets, Alex Rupert, assistant portfolio manager at Laurel Tree Advisors in Cleveland, Ohio."